Amazon hits $2 trillion valuation milestone on AI fervor, rate cut bets

Amazon.com Inc hit $2 trillion in market value for the first time on Wednesday, becoming the fifth US company to surpass that level as optimism around artificial intelligence and potential interest rate cuts this year drove demand for technology-related stocks.

The stock rose 3.4 per cent to $192.70, giving the e-commerce giant a market value of over $2 trillion and putting it in the same club as technology heavyweights Microsoft Corp, Apple Inc, Nvidia Corp and Alphabet.